HK first month financial deficit at HK$2.8 bln

The Government announced today (May 31) its financial results for the first month ended April 30, 2001.

Expenditure for the first month of the current financial year amounted to $18.8 billion and revenue to $16 billion, resulting in a deficit of $2.8 billion.

A Government spokesman said that a deficit in the initial months of a financial year was not unusual as many major types of revenue including taxes were mostly received towards the end of a financial year.

The fiscal reserves stood at $427.5 billion at April 30, 2001.

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